Hoymiles Power Electronics (688032) H1 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 was RMB 907.5 million, down 14.78% year-over-year due to industry headwinds and slower sales growth.

• Net profit attributable to shareholders was RMB 187.62 million, a 46.16% decrease year-over-year, mainly due to lower revenue, increased expenses, and reduced foreign exchange gains.

• Cash flow from operating activities improved to RMB 161.6 million, reflecting better payment management to suppliers.

• R&D investment increased by 39.47% year-over-year, with R&D spending accounting for 13.36% of revenue.

• The company maintained a strong focus on product innovation, global expansion, and talent development to enhance competitiveness.

Financial highlights

• Revenue: RMB 907.5 million, down 14.78% year-over-year.

• Net profit attributable to shareholders: RMB 187.62 million, down 46.16% year-over-year.

• Basic and diluted EPS: RMB 1.52, down 45.91% year-over-year.

• Operating cash flow: RMB 161.6 million, up from negative RMB 14.46 million in the prior year.

• R&D expenses: RMB 121.27 million, up 39.47% year-over-year.

Outlook and guidance

• The company continues to invest in R&D and global market expansion, aiming to strengthen its product portfolio and market share.

• No interim dividend or capital increase from reserves was proposed for the half-year period.